FX.co ★ Elliott wave analysis of EUR/JPY for November 16, 2017

Wave summary:

Wave ii most likely completed with the test of 133.89 and a new impulsive decline to below 131.60 is now expected. A firm break below support at 131.60 will confirm continuation lower to 128.36 and 123.43 in wave (E).

Under this count resistance at 134.50 must cap the upside for a break below 131.88 and more importantly below 131.60. As a break above 134.50 will reinstate the "old" wave (D) target at 137.37.

R3: 134.50

R2: 134.13

R1: 133.89

Pivot: 132.75

S1: 132.30

S2: 131.88

S3: 131.36

Trading recommendation:

We sold EUR at 133.10 with stop placed at 134.55